Global Prescription Drugs Market – Industry Trends and Forecast to 2030

Global Prescription Drugs Market, By Type (Branded, Generic), Therapy Area (Oncology, Immunology, Ophthalmology, Respiratory, Dermatology, Gastroenterology, Urology, Gynaecology, Endocrinology, Others), Route of Administration (Oral, Topical, Parenteral, Others), End-Users (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others) – Industry Trends and Forecast to 2030.

Prescription Drugs Market Analysis and Size

Prescription medications include a wide range of vaccinations and therapies used to treat and manage chronic and acute diseases. Cancer, cardiovascular diseases, diabetes, and orphan diseases are among these disorders. In current therapeutic situation, proper prescription drug administration is crucial for improving clinical outcomes for practically every patient suffering from significant diseases. Many market companies are conducting clinical studies to develop novel treatments for various disorders; nevertheless, the prescription drug landscape has changed dramatically due to the rising availability of generic equivalents.                           

Data Bridge Market Research analyzes that the global prescription drugs market which was USD 1035.5 billion in 2022, is expected to reach USD 1892.9 billion by 2030, and is expected to undergo a CAGR of 9.0% during the forecast period 2023 to 2030. This indicates the market value. “Branded” dominates the type segment of the global prescription drugs market owing to the increasing drug development. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.        

Prescription Drugs Market Scope and Segmentation

Market Definition

Prescription pharmaceuticals are more potent than over-the-counter (OTC) medications. As a result, their misuse may result in serious negative effects. Customers are only given these medications if they have a doctor's prescription. The symbol Rx, which may be found on doctor's prescription notepads and signs in most pharmacies, stands for medical prescription.      

Global Prescription Drugs Market Dynamics

Drivers

• Increasing Prevalence of Cardiovascular Diseases

The increased prevalence of cardiovascular diseases will fuel the 'market's growth. According to the CDC, cardiovascular diseases, which include heart and blood vessel abnormalities, are the leading cause of mortality and disability worldwide. High blood pressure, often known as hypertension, is a key risk factor for this disease, which is responsible for an estimated 10 million deaths annually. Several projects, such as the global hearts initiative, are being implemented around the world to improve cardiovascular disease prevention and control. This is to reduce the number of people who die prematurely as a result of heart disease.  

•  Increasing Investment for Healthcare Infrastructure

Another significant factor influencing the growth rate of prescription drugs market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.

Opportunities

• Increasing Prevalence of Chronic Diseases

The increased prevalence of chronic diseases will fuel industry growth. The rise in cardiovascular disorders is propelling the industry forward. Growing urbanization and the adoption of hazardous living circumstances are two important factors. Chronic diseases include Alzheimer's disease, cardiovascular disease, obesity, and diabetes, to name a few. Rising cancer occurrences are also boosting market expansion throughout the forecast period. According to World Health Organization data from 2018, cancer is the world's second-largest cause of death. In 2018, it was responsible for 9.6 million fatalities. Cancer is also responsible for one out of every six fatalities worldwide. Lung cancer, breast cancer, colorectal cancer, prostate cancer, skin cancer, and stomach cancer are the most frequent cancers.

• Increasing Launch of Generic Equivalents

The increased number of generic versions of several key medications being launched in strong areas such as the United States is driving the global prescription drugs market. The rise in generic equivalent acceptance is partly attributed to the fact that generics are frequently as effective as their original counterparts and may often be accepted by patients for a fraction of the cost. Patients who cannot afford pricey prescription drugs due to financial constraints can often benefit from these drugs and achieve improved clinical outcomes.

• The Introduction of Specialty Drugs

 Prescription drugs that are either non-diabetic self-injectable meds or medications that require particular handling, administration, or monitoring are known as specialty medicines. Patients with difficult, rare, or ultra-rare illnesses take these drugs. The rising popularity of specialty drugs is attributed to the prevalence of rare disorders, which is improving market growth prospects throughout the predicted period. As per the Orphanet database, about 300 million people are estimated are thought to be living with one or more of the 6000 rare diseases recognized.

Restraint/Challenge

• High Cost Associated with Drug Development

On the other hand, the high cost associated with drug development and distribution will obstruct the market's growth rate. The lack of healthcare infrastructure in developing economies and dearth of skilled professionals will challenge the prescription drugs market. Additionally, lack of awareness among people and strict government regulations will restrain and further impede the growth rate of the market during the forecast period 2023-2030.

This global prescription drugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyzes opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, and technological innovations in the market. To gain more info on the surgical microscopes market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.   

Recent Development

• In April 2020, Pharma major Lupin Limited had announced the launch of Mycophenolic Acid Delayed-Release Tablets USP, 180 mg and 360 mg. These tablets are prescribed for the prevention of organ rejection in adult kidney transplant recipients and pediatric patients aged 5 and above who have been on dialysis for at least 6 months  

Global Prescription Drugs Market Scope

The global prescription drugs market is segmented on the basis of type, therapy area, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications. 

Type

• Branded
• Generic

Therapy Area

• Oncology
• Immunology
• Ophthalmology
• Respiratory
• Dermatology
• Gastroenterology
• Urology
• Gynaecology
• Endocrinology
• Others

Route of Administration

• Oral
• Topical
• Parenteral
• Others

End-Users

• Hospitals
• Specialty clinics
• Homecare
• Others

Distribution Channel

• Hospital pharmacy
• Retail pharmacy
• Online pharmacy
• Others

Global Prescription Drugs Market Regional Analysis/Insights  

The global prescription drugs market is analyzed and market size insights and trends are provided by country, type, therapy area, route of administration, end-users and distribution channel as referenced above.         

The countries covered in the global prescription drugs market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America

North America dominates the global prescription drugs market because of the increasing healthcare initiatives, the strong presence of major players in the market, increasing cases of diseases and rising number of research activities in this region. 

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The global prescription drugs market also provides you with detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the global prescription drugs market, the impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on the global prescription drugs market. The data is available for the historic period 2015-2020.      

Competitive Landscape and Global Prescription Drugs Market Share Analysis

The global prescription drugs market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.      

Some of the major players operating in the global prescription drugs market are:   

• F. Hoffmann-La Roche Ltd. (Switzerland)
• Mylan N.V. (U.S.)
• Teva Pharmaceutical Industries Ltd. (Ireland)
• Sanofi (France)
• Pfizer Inc. (U.S.)
• GlaxoSmithKline plc (U.K.)
• Novartis AG (Switzerland)
• Merck & Co., Inc. (U.S.)
• Allergan (Ireland)
• AstraZeneca (U.K.)
• Johnson & Johnson Private Limited (U.S.)
• Hikma Pharmaceuticals PLC (U.K.)
• Bristol-Myers Squibb Company (U.S.)
• Bayer AG (Germany)
• Boehringer Ingelheim International GmbH. (Germany)
• Dr. 'Reddy's Laboratories Ltd. (India)
• Gilead Sciences, Inc. (U.S.)
• Amgen Inc. (U.S.)
• Eli Lilly and Company (U.S.)
• AbbVie Inc. (U.S.)
• Lupin (India)
• Allergan (Ireland)